Halo Announces Completion of the Previously Announced Acquisition of Precisa Medical Instruments Corp. and Concurrent Private Placement
Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that, further to the press release dated December 23, 2019, it has closed its acquisition (the “Acquisition”) of all of the issued and outstanding common shares in the capital of Precisa Medical Instruments Corp. (“Precisa”) and has completed its previously announced concurrent private placement of 3,333,334 Halo common shares (the “Concurrent Financing”).
Precisa owns the intellectual property related to and is focused on the development of the Accu-Dab THC and CBD oil oral delivery device. The Accu-Dab takes the form of a discrete pen that will allow users to pre-select various doses of measured THC or CBD from 0.01 mL to 0.60 mL for sublingual oral consumption. Through its convenient dial selection mechanism, the Accu-Dab allows for precise dispensation of THC or CBD product accurately and repeatedly to meet the consumer’s specific dosing needs.
Kiran Sidhu, CEO and Co-Founder of Halo, commented, “Halo is determined to be on the forefront of cannabis innovation through developing and launching new technology tailored for convenient consumption. With the launches of the DabTabsTM Go and the ShatterizerTM in early 2019, Halo is ending the year strong with the Accu-Dab, designed for even more discretion and accurate dosing.”
Pursuant to the terms of a definitive acquisition agreement executed on December 23, 2019, as amended on December 27, 2019 (the “Agreement”), the Acquisition was completed by way of a share exchange wherein Halo, through its wholly owned subsidiary, Halo Accu-Dab Holdings Inc., acquired 100% of the issued and outstanding common shares in the capital of Precisa in exchange for 13,392,857 Halo common shares issued at a deemed price of C$0.28 per share. Upon completing of the Acquisition, Precisa became a wholly owned subsidiary of Halo Accu-Dab Holdings Inc. The Acquisition was a result of arm’s length negotiations between the parties to the Agreement.
Concurrent Private Placement
Pursuant to the Concurrent Financing, Halo issued 3,333,334 common shares at a price of CAD $0.30 per share for aggregate gross proceeds of C$1,000,000 (“Concurrent Financing”). Halo intends to use the proceeds of the Concurrent Financing to complete development and distribution of the Accu-Dab and for general working capital purposes.